When I meet with entrepreneurs, I ask them, “Who is your customer?”
My second question is always: “Which problem does your product/service solve?” I then push them to determine if the customer's problem is real. Answering such a question is not easy.
Every entrepreneur identifies a problem and creates a product or service to address it. Finding a problem is challenging. Understanding the customer and the issue at hand is crucial. Occasionally, startups invent problems for which there is no demand for a solution. Most of the time, they have an excellent solution to these fictitious problems.
How can you be sure that a problem exists and that you have a solution? I have an approach to replying to this question. I ask them another question:
“Is your product a medicine or a vitamin?”
If the answer is medicine, you have a real problem and can maybe treat it.
You're on the right track.
Take a risk and attempt to deliver your product.
Identifying your product as a vitamin is a major red flag.
If a doctor recommends taking vitamins, you are not sick and do not require treatment. Taking vitamins is desirable but not essential. You must be concerned about your startup idea. The customer appears unaware of or unconcerned about the problem you defined.
You could be on the wrong track. Do not take a risk until you have definitively identified the real issue.
Are you ready to ask a medicine or vitamin question for your startup idea?
Please share your answers. 🙂